Bear call spread (credit)
BearishLimited profitLimited loss
Sell a call, buy a higher call: defined-risk credit if price stays down.
Payoff at expiry — live BTC example
Net credit
$55.41
Max profit
$55.41
Max loss
$344.59
Breakeven
75,655
Example legs (0.4 DTE front)
- Sell 75,600 call
- Buy 76,000 call
Entry greeks (per 1 BTC notional): Δ -0.067 · Γ -0.0403 per 1% · vega $-1.56/pt · theta $73.92/day
How it works
Short call plus a long call above it: keep the credit below the short strike, max loss capped at the width minus credit.
When to use it
You expect resistance to hold into expiry — the defined-risk version of the naked call.
Risks & management
Same asymmetry as all credit spreads: small frequent wins, occasional full-width losses. Breaches of the short strike near expiry move fast (gamma).
Related structures
Example built from live Delta Exchange BTC marks on the nearest constructible expiry; numbers refresh with the chain. Educational content, not investment advice.